47. Expenditure on agricultural extension project and skill development project.
(1)Any expenditure (excluding cost of any land or building) incurred, on––(a)agricultural extension project by any assessee; or(b)any skill development project by a company, shall be allowed as a deduction, in the tax year in which such expenditure is incurred provided such project is notified by the Board as per the guidelines issued by it.(2)If a deduction under this section is claimed and allowed for any tax year in respect of any expenditure referred to in sub-section (1), deduction shall not be allowed for such expenditure under any other provision of this Act for the same or any other tax year.[Similar to Section 35CCC and Section 35CCD from The Income Tax Act, 1961.]
